The Department of Housing and Urban Development (HUD) this morning said it expects the Federal Housing Administration's (FHA)reserve fund to stay in the black during the housing downturn unless housing falls into what it called a "deeper recession."

A just released actuarial study, however, predicts the FHA's Mutual Mortgage Insurance Fund (MMI) could have a capital ratio of negative 0.46% under a deeper housing recession scenario. The

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